Preheat your oven to 350°F (175°C). Grease a loaf pan.
In a mixing bowl, combine flour, baking powder, baking soda, cinnamon, nutmeg, and salt.
In another bowl, whisk together oil, granulated sugar, brown sugar, and eggs until smooth.
Add the dry ingredients to the wet ingredients and mix until just combined.
Fold in the grated carrots and vanilla extract.
Pour the batter into the prepared loaf pan and bake for 60 minutes or until a toothpick inserted into the center comes out clean.
Let the bread cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.